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Good Lord. Former AIG head Hank Greenburg wants a *third" bailout for AIG

But more needs to be done to save AIG. A new plan needs to be drawn up to allow private capital to replace the government's capital. And the company itself cannot be so burdened with interest payments that it is forced into effective liquidation, making jobs impossible to keep and decreasing the likelihood taxpayers will be repaid.

The maintenance of the status quo will result in the loss of tens of thousands of jobs, lock in billions of dollars of losses for pension funds that are significant AIG shareholders, and wipe out the savings of retirees and millions of other ordinary Americans. This is not what the broader economy needs. It is a lose-lose proposition for everyone but AIG's credit default swap counterparties, who will be made whole under the new deal.


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